Excelsa Acquisition, a blank check company formed by the founder of Intercorp Perú targeting "Latin America Growth Industries", withdrew its plans for an initial public offering on Thursday. It had filed in March 2021 to raise $250 million by offering 25 million units at $10, with each unit containing one share of common stock and one-third of a warrant.
Additionally, an affiliate of the sponsor indicated an interest in purchasing up to 3.5 million units in the offering (14% of the deal).
The company was set to be led by Chairman Carlos Rodriguez-Pastor, the founder and Chairman of Intercorp Perú and the founder and Managing Partner of private equity firm Nexus Group, and CEO and Director Mark Rosen, who currently serves as Acting Executive Director of the US at the International Monetary Fund and previously was the Deputy Assistant Secretary of International Financial Markets at the US Treasury.
Excelsa Acquisition had planned to target industries that service and capitalize on the favorable structural and secular trends of the emerging middle class across Latin America, including financial services, healthcare, retail, education, entertainment, and consumer goods related industrials, which the company referred to as the "Latin America Growth Industries."
The New York, NY-based company was founded in 2021 and had planned to list on the NYSE under the symbol XLSA.U. Credit Suisse and J.P. Morgan were set to be the joint bookrunners on the deal.
